Saudi investors and traders are anticipated to inject $10 billion into Pakistan’s economy. A significant Saudi delegation comprising representatives from approximately 30 companies is set to arrive in Pakistan today (Sunday) to explore investment opportunities.
This influx of Saudi investment is expected to create new employment avenues in the country. Federal Minister for Petroleum, Musadik Malik, expressed optimism about this development, stating, “This time, we’re embarking on a journey of development rather than relying on aid.”
He further highlighted the importance of private sector support for Pakistan’s progress, echoing the sentiments of the Prime Minister.
Last month, Planning Minister Ahsan Iqbal indicated that Saudi Arabia was likely to invest $5 billion in Pakistan. During a Business Summit in Islamabad, Iqbal mentioned upcoming high-level visits between Pakistan and Saudi Arabia, emphasizing the need to strengthen economic ties.
Iqbal stressed the necessity of expanding exports and investment to meet the country’s financial obligations. He also underscored the importance of political stability and continuity for sustainable economic growth.
Moreover, Iqbal outlined ambitious economic goals, envisioning Pakistan as a $2 trillion economy by 2047 with concerted efforts. He called for collaborative endeavors to realize this vision and position Pakistan as a significant player in the global economy.
In addition to Saudi investment, discussions are underway to expedite the second phase of the China-Pakistan Economic Corridor (CPEC). Pakistan is also engaging with other Gulf countries like the UAE, Kuwait, and Qatar to attract investment.
Overall, there is a concerted effort to boost economic growth and foster partnerships that will contribute to Pakistan’s long-term prosperity.
